University of Canberra signs $1.7b residential development agreement with Peet

The University of Canberra (UC) has unveiled plans to sign a development deal worth an estimated value of $1.7 billion to build up to 3,300 new residences in Belconnen land owned by the university. The agreement with national developer Peet Limited, which has a Canberra based wholly owned subsidiary CIC Australia, will see a maximum of 200 dwellings released every year over the next two decades starting in 2017.

Housing project deal: UC

The development will consist of units and townhouses built on campus, but open to members of the general public, as well as students and staff of the university.

UC's outgoing vice-chancellor Stephen Parker said the ambitious plan would integrate the university with the Belconnen community. He said today's agreement solidified the understanding between the developer and the university that the plan would go ahead.

"It's a huge day for the university, it's actually the biggest transaction the university's ever entered into."

"It will be a benchmark for contemporary living that demonstrates innovative planning and design in architecture, landscape and streetscape."

"It foreshadows a new kind of university campus where the community and business and scholars all intermingle."

ACT Chief Minister Andrew Barr witnessed the agreement, saying "the University of Canberra is a major employer in Canberra and I'm pleased to see it going from strength to strength."

Deal to be finalised: developer

Brendan Gore, chief executive of CIC Australia's parent company Peet Limited, said the $1.7-billion price tag reflected the total money that would be spent over the coming decades.

"That $1.7 billion or thereabouts will be the on-completion value of the project at the end of the day," he said.

Mr Gore said while there were some creases in the agreement to be ironed out before construction commenced, they were not "deal-stoppers".

"There's always a risk, but I think generally there's a significant amount of goodwill intent," he said.

"There's a couple of conditions precedent that still have to be achieved, we don't see any major roadblocks to that."

For residential construction

From digging foundations to finish grading and landscaping, construction equipment will play an integral part of this residential development. For your convenience, we've create a quick list of suppliers in the Canberra area who could provide a full line of earthmoving solutions.

As the Content editor at plantminer.com.au, Sophia works behind the scenes to keep our blog machine in motion. A student of Law and Business, she's very dependent on coffee and loves any excuse to travel.